This paper describes the world oil shale scene in mid 2009 and evaluates prospects to 2020. The volatility of conventional oil prices during 2007 and 2008 and assertions about a forthcoming depletion of competing fossil fuels have revived interest in oil shale. National expansion plans which recognize oil shale as a strategic local and huge resource are reviewed and contrasted with investor concerns about future prices and policies, rising cost, the emergence of new competitors and tightened protection of air, water and land use.